Dunkin' Brands Has a Sweeter Outlook

Miller Tabak upgraded the doughnut and ice-cream retailer to Buy from Hold.

We upgrade shares of Dunkin' Brands to Buy from Hold and raise our fair-value estimate to $38 (from $34) given what we think has been a solid fourth quarter and our outlook for a slightly improved sales environment in 2013.

We continue to view year-over-year traffic gains and accelerated new-unit-growth plans at Dunkin' Donuts U.S. as key...